Company closure

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S.Jegadeesan (Querist)
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30 March 2012 Sir,
I wish to clarify a doubt regarding Company closure under FTE Scheme.

M/s. ABC Pvt Ltd has stopped the business on 31.03.2011. How it should prepare the Statement of Account while it has some assets & Liabilities (including Share capital & profit)
i.e. Share Capital 500000
Profit Rs.(Cr) 100000

Fixed Assets Rs.500000
Sundry Debtors Rs.100000

Further whether the same person can sign the Statement of Account(as an auditor) & sign the eform FTE?

Regards,
S.Jegadeesan

vignesh

vignesh (Expert)
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01 April 2012 Hi

Under FTE, the company should not have any Assets and Liabilities other than Share Capital and Profit & Loss A/c in debit balance. The Auditor can sign on both the statement of accounts as well as in the form FTE to file with the concerned RoC.

S.Jegadeesan

S.Jegadeesan (Querist)
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02 April 2012 Sir,
Thanks for your reply.However I need one more clarification.i.e. IF the company has positive figure in P & L A/c It can repaid the Share capital along with Profit.So finally it has no share capital & Nil balance for all ledgers.Is it legally acceptable?.

S.Jegadeesan

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